SoftBank returns to health with a bump from AI
Mint Mumbai|February 09, 2024
Global tech investor SoftBank is finally getting something out of AI. SoftBank shares surged 11% Thursday in their biggest daily jump in nearly two years, thanks to a jump in sales at its subsidiary Arm, a giant chipdesign company that has benefited from enthusiasm about artificial intelligence.
Megumi Fujikawa

SoftBank also reported its first quarterly profit in more than a year after Tokyo markets closed.

It earned 950 billion yen, equivalent to $6.4 billion, in the last three months of 2023, thanks in part to a slight rebound in its startup investments.

SoftBank's founder and chief executive officer, billionaire Masayoshi Son, has been evangelizing the promise of AI for more than a decade-but his record thus far has largely been characterized by flops and misses on a giant scale. He said the company's Vision Funds, which have spent over $140 billion, were devoted to ventures focusing on AI, a technology he has said will reshape humanity.

But the money went mostly to companies with tenuous or unclear links to AI, such as WeWork and now-defunct lender Greensill Capital, causing painful losses for SoftBank.

Meanwhile, Son mostly missed out on companies in the booming field of generative AI, such as OpenAI, which makes ChatGPT. Arm is starting to make up for some of those losses.

Esta historia es de la edición February 09, 2024 de Mint Mumbai.

Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.

Esta historia es de la edición February 09, 2024 de Mint Mumbai.

Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.

MÁS HISTORIAS DE MINT MUMBAIVer todo
PAN 2.0 must aim to end fraud via impersonation
Mint Mumbai

PAN 2.0 must aim to end fraud via impersonation

It's welcome that tax authorities are simplifying processes for holders of permanent account numbers. The tech overhaul should also ensure sufficient checks to minimize PAN-theft fraud

time-read
2 minutos  |
November 28, 2024
Capturing the vintage romance of Havana
Mint Mumbai

Capturing the vintage romance of Havana

The photographs focus on the resilience of Cubans—of keeping music, dance, and laughter alive in the face of various challenges

time-read
3 minutos  |
November 28, 2024
A treasure trove of recipes from Jahangir's royal kitchen
Mint Mumbai

A treasure trove of recipes from Jahangir's royal kitchen

Food historian Salma Yusuf Husain has translated a 17th century Persian manuscript with 120 rare recipes

time-read
2 minutos  |
November 28, 2024
Eye contact at meetings must get the attention it needs
Mint Mumbai

Eye contact at meetings must get the attention it needs

Remote work is here to stay but virtual meeting platforms have not addressed their key point of inferiority

time-read
3 minutos  |
November 28, 2024
Economic advice for Trump and Powell: First, do no harm
Mint Mumbai

Economic advice for Trump and Powell: First, do no harm

Policy moves should help sustain business dynamism in America

time-read
3 minutos  |
November 28, 2024
Internal audit: AI will transform it by staying vigilant in real time
Mint Mumbai

Internal audit: AI will transform it by staying vigilant in real time

Embracing tools of artificial intelligence will enable IA to play a vastly enhanced role in delivering value to organizations

time-read
3 minutos  |
November 28, 2024
Mint Mumbai

We should fix the business of opinion polling in India

Pollsters need self-regulatory mechanisms that can set standards and ensure transparency

time-read
3 minutos  |
November 28, 2024
Resolving disputes over public procurement: Let's aim higher
Mint Mumbai

Resolving disputes over public procurement: Let's aim higher

It has been a pivotal year for reforms but India needs more to vie for leadership in dispute resolution

time-read
3 minutos  |
November 28, 2024
Mint Mumbai

Are multi-asset funds a good option amid the market rally?

MAAFs are structured to invest in a mix of asset classes, offering diversification benefits

time-read
4 minutos  |
November 28, 2024
RETIREMENT READY? HERE ARE SOME ESSENTIAL TIPS FOR FINANCIAL SECURITY
Mint Mumbai

RETIREMENT READY? HERE ARE SOME ESSENTIAL TIPS FOR FINANCIAL SECURITY

57% of urban Indians worry their retirement savings will deplete within a decade

time-read
3 minutos  |
November 28, 2024